AUTHOR(S):

TITLE Qualitative Models of Bankruptcy Proceedings Integrating Psychological and Economic Aspects 
ABSTRACT There is a broad spectrum of BP (Bankruptcy Proceedings) models. They are unique, partially subjective, inconsistent, vague and multidimensional. BPs development suffers from IS (Information Shortage). IS often eliminates straightforward application of traditional statistical methods. It is therefore often prohibitively difficult to analyse them using numerical quantifiers. Oversimplified or highly specific BPs are sometimes obtained. Their practical applicability is therefore (very) limited. Artificial Intelligence has developed a number of tools to solve such problems. Qualitative reasoning is one of them. It is based on the least information intensive quantifiers i.e. trends. There are just three trend / qualitative values used to quantify variables and their derivatives: plus/increasing; zero/constant; negative/decreasing. There are qualitative BP knowledge items in equationless forms such as heuristics. For example – if standard of ensured justice is increasing then level of creditors bullying is decreasing. Such verbal knowledge item cannot be incorporated into a traditional numerical model. Qualitative models must be used. A qualitative model can be developed under conditions when the relevant quantitative model must be heavily simplified. The key information input into BPs is expert knowledge. The case study presents a model based on integration of equationless relations using 8 variables e.g. selling of assets, bullying of creditors or ensured justice. The result is represented by 11 scenarios. The paper is selfcontained, no a prior knowledge of qualitative models is required. The result is represented by 11 scenarios. The paper is selfcontained, no a prior knowledge of qualitative models is required. 
KEYWORDS Insolvency, qualitative variables, bankruptcy related knowledge, bankruptcy proceedings, decision making 
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Cite this paper Tomáš Polácek, Mirko Dohnal. (2017) Qualitative Models of Bankruptcy Proceedings Integrating Psychological and Economic Aspects. International Journal of Economics and Management Systems, 2, 198205 
